Mo Williams | Guard

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Cavaliers general manager David Griffin officially announced the signing of Mo Williams to a two-year, $4.3 million deal on Friday.

"We’re very excited to welcome Mo back to Cleveland and we feel he will be a great fit with our team," Griffin said. "Mo is a proven, high-caliber playmaker and his ability to space the floor at either guard position will be essential for us." The fact that Griffin expects Williams to see some time at shooting guard bodes well for his fantasy value, as that means he could play alongside Kyrie Irving for stretches of the game. Williams showed that he can still contribute at a high level during his time with the Hornets last season, but it will be tough to rely on him in fantasy leagues while the Cavs are at full strength. Jul 10 - 12:44 PM

Mo Williams has reached an agreement with the Cavs on a two-year, $4.3 million deal.

The second year of this contract is a player option. With the Cavs adding Williams, that could mean they aren't going to be able to get Jamal Crawford and Joe Johnson. Williams' minutes figure to be in the low 20s next season, so he's not a great fantasy option. He would be worth a pickup if Kyrie Irving (knee) isn't healthy for camp. Jul 6 - 9:35 PM

The Hornets aren't going to be bringing Mo back. The Grizzlies have some interest in Mo and maybe they can somehow work a three-way deal with the Clippers and Hornets. The Cavs are also interested in Williams. Jul 3 - 5:41 PM

The Grizzlies and Mo Williams have been in contact regarding a contract.

There are some reports that Williams is getting close to a three- or four-year deal with Memphis. The Cavs were reportedly close on Mo, but it sounds like the Grizzlies have a decent chance. Jul 1 - 2:43 PM

Timofey Mozgov (knee) will wait another two weeks before deciding whether or not he will play for Team Russia this summer.

Mozgov underwent arthroscopic surgery on his right knee on Wednesday, and was given a 6-week recovery timetable. He reportedly injured his knee during the playoffs, but played through it, and the fact he hasn't ruled out playing for Russia this summer can be viewed as a positive. Mozgov has plenty of time to get himself right for the 2015-16 season, and after averaging 10.6 points, 6.9 rebounds and 1.2 blocks per game with the Cavs last season, he'll make for a decent selection in next year's fantasy drafts once the big name centers are off the board.

Anderson Varejao (Achilles) is progressing well and is expected to be ready in time for training camp according to Cavaliers general manger David Griffin.

"Andy, similarly, feels very good," Griffin said. "He actually wanted to try to dress in the Finals and wasn't real happy that we didn't let him to do it. So, I anticipate he'll be ready for the start of camp." It's definitely a good sign that Varejao wanted to play in the postseason, but the Cavs did the right thing by not risking his health. Varejao is a tenacious rebounder and his energy level will never be a question mark, but his injury history is too extensive for owners in standard leagues to take a chance on him.